470 : Notification: 470 Date of Issue: 13/11/2000

Notification: 470 Date of Issue: 13/11/2000

Notification: 470

Section(s) Referred: s. 10(23C)(vi) ,s. 11(5)

Statute: INCOME TAX

Date of Issue: 13/11/2000

In exercise of the powers conferred by sub-clause (vi) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the New Green-field Educational Society, New Delhi, for the purpose of the said sub-clause for the assessment years 1999-2000 to 2001-2002 subject to the following conditions, namely :---

(i) the assessee will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established ;

(ii) the assessee will not invest or deposit its funds (other than voluntary contributions received and maintained in the form of jewellery, furniture, etc.) for any period during the previous years relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11;

(iii) this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of account are maintained in respect of such business ;

(iv) the assessee will regularly file its return of income before the income-tax authority in accordance with the provisions of the Income-tax Act, 1961.

(v) that in the event of dissolution, its surplus and the assets will be given to a charitable Organisation with similar objectives.

[Notification No. 11545/F. No. 197/108/2000-ITA-I]

Similar notifications were issued for the following institutions for the assessment years mentioned below : ------- SI. S. O. No./ Institutions Assessment Notification No. Gaz. reference No. date years ------- 1. 473/ Catholic Insti- 1999-2000 to 27/2001/F. No. Gaz. of India, dt. 10-3- 6-2-2001 tute of Carmelite 2001-2002 197/105/2000- 2001, Pt. II, sec. 3(ii), Sisters, Jalandhar ITA-I p. 992.

2. 476/ Vignan Educa- 1999-2000 to 38/2001/F. No. Gaz. of India, dt. 10-3- 16-2-2001 tional Founda- 2001-2002 197/13/2001- 2001, Pt. II, sec. 3(ii), tion, Bangalore ITA-I P. 995.

3. 586/ South Point High 1999-2000 to 11569/F. No. Gaz. of India, dt. 24-3-\ 30-11-2000 School, Calcutta 2001-2002 197/30/2000- 2001, Pt. II, see. 3(ii), ITA-I p. 1173.

4. 587/ Seth Sagarmal 1999-2000 to 11570/F. No. Gaz. of India, dt. 24-3- 30-11-2000 Bagrodia Charita- 2001-2002 197/109/2000- 2001, Pt. II, sec. 3(ii), ble Trust, Delhi ITA-I p.1174. ---